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Gst on advance received by composition dealer

31 August 2018

Is Gst is levied at the time of receipt of advance by composition dealer after considering the notification no 66/2017 issued on 15.11.2017.

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Shivam RC (Student) (23683 Points)
Replied 31 August 2018

As per Notification No. 66/2017 CT, dated 15.11.2017, Advance Received for Supply of GOODS will not attract GST at the time of receipt of advance money. The Time of Supply will be the date of issuing the Invoice and GST will be levied on that date ( i.e. Date of Issuing Invoice ).

But this Notification is not applicable for Dealers registered under SECTION 10 of CGST Act 2017 i.e. Composition Scheme.

Refer Notification No. 40/2017, CT, dated 13.10.2017 read with Notification No. 66/2017,CT dated 15.11.2017.

Links of Above said Notification :
https://cbec-gst.gov.in/pdf/central-tax/40_2017_CT.pdf

https://cbec-gst.gov.in/pdf/central-tax/notfctn-66-central-tax-english.pdf.

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